NetApp
NTAP on Nasdaq. NetApp sells data storage software and hardware to businesses and government agencies. Market value $44.0bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to April 2026.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.75 of spare cash in the past 12 months. A savings account pays about $4.
You pay 24.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 67 cents a year. Above 10 is good.
Quality score: 78 of 100. Price score: 49 of 100. Our list needs 70 on quality and 60 on price.
$223.77 a share, 139% above its 1-year low
Over the past year the price has ranged from $93.69 to $231.90.
Dividend: 0.9% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $6.3bn | $6.4bn | $5.7bn | $5.9bn | $6.2bn |
| Operating margin | |||||
| Operating margin | 18.3% | 16.0% | 21.5% | 22.6% | 26.8% |
| Debt to equity | |||||
| Debt to equity | 3.15 | 2.06 | 2.09 | 3.11 | 1.84 |
| Shares outstanding | |||||
| Shares outstanding | 0.21bn | 0.02bn | 0.20bn | 0.20bn | 0.20bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)9 of 9
- Profit backed by cash (accruals)Yes
- Debt1.84× equity
- Revenue growth, five yearsSlow, 1.7% a year
- Buying back its own sharesYes, 8% fewer since 2022
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.8 billion last quarter, up 30% on a year ago.
- Profit: $375 million, up 61% on a year ago.
- It keeps 28 cents of each $1 of sales as operating profit, up from 21 cents a year earlier.
- Spare cash over the past 12 months: $1.6 billion, down from $1.7 billion.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $915 million more than cash, up from $400 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $1.7bn |
| January 2025 | $1.6bn |
| April 2025 | $1.7bn |
| July 2025 | $1.4bn |
| October 2025 | $1.7bn |
| January 2026 | $1.7bn |
| April 2026 | $1.9bn |
| July 2026 | $1.8bn |
| Quarter to | Amount |
|---|---|
| October 2024 | $299m |
| January 2025 | $299m |
| April 2025 | $340m |
| July 2025 | $233m |
| October 2025 | $305m |
| January 2026 | $334m |
| April 2026 | $404m |
| July 2026 | $375m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 1 December 2026
- Last annual report (10-K)
- 5 June 2026
- Next quarterly (estimated, 10-Q)
- 2 December 2026
Who owns it
6 long-term investors we follow own it, unchanged from 6 last quarter. 959 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $530m | 0.5% | Cut |
| Lyrical Asset ManagementAndrew Wellington | $382m | 4.8% | Cut |
| Beutel GoodmanBeutel Goodman team | $298m | 2.2% | Cut |
| LSV Asset ManagementJosef Lakonishok | $151m | 0.3% | Added |
| Gotham Asset ManagementJoel Greenblatt | $69m | 0.2% | Cut |
| GMOJeremy Grantham | $4m | <0.1% | Cut |
Largest holders overall
- BlackRock$2.9bnCut
- Vanguard Capital Management$2.0bnAdded
- Vanguard Portfolio Management$1.9bnCut
- State Street$1.5bn
- Primecap Management$1.4bn
- Geode Capital Management$987m
- Ameriprise Financial$724mCut
- UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS$688mAdded
- Norges Bank$645mNew
- Wellington Management Group LLP$597mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor9.5%Since 31 March 2025
- Vanguard Capital ManagementPassive investor7.3%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor6.4%Since 31 March 2026
- PRIMECAP MANAGEMENT CO/CA/Passive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.5% | 31 March 2025 | |
Vanguard Capital Management Passive investor | 7.3% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 6.4% | 31 March 2026 | |
PRIMECAP MANAGEMENT CO/CA/ Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $42m, $39m of it under preset trading plans.
- Kurian GeorgeCEO, DirectorSoldunder a preset trading plan
- Date
- 29 September 2026
- Shares
- 50,000
- Price
- $209.95
- Value
- $10m
- Kurian GeorgeCEO, DirectorSoldunder a preset trading plan
- Date
- 24 September 2026
- Shares
- 37,000
- Price
- $199.95
- Value
- $7m
- Kurian GeorgeCEO, DirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 13,000
- Price
- $200.01
- Value
- $3m
- Ahuja DeepakDirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 3,450
- Price
- $200.00
- Value
- $690,000
- Ahuja DeepakDirectorSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 3,526
- Price
- $194.04
- Value
- $684,185
- Kurian GeorgeCEO, DirectorSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 40,000
- Price
- $191.42
- Value
- $8m
- NEVENS THOMAS MICHAELDirectorSold
- Date
- 11 September 2026
- Shares
- 5,940
- Price
- $195.21
- Value
- $1m
- O'Callahan Elizabeth MEVP, Chief Admin. OfficerSoldunder a preset trading plan
- Date
- 10 September 2026
- Shares
- 1,000
- Price
- $184.74
- Value
- $184,740
- CERNUDA CESARPresidentSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 2,608
- Price
- $204.48
- Value
- $533,290
- O'Callahan Elizabeth MEVP, Chief Admin. OfficerSoldunder a preset trading plan
- Date
- 10 August 2026
- Shares
- 1,000
- Price
- $193.82
- Value
- $193,820
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 29 September 2026 | Kurian George CEO, Director | Sold under a preset trading plan | 50,000 | $209.95 | $10m |
| 24 September 2026 | Kurian George CEO, Director | Sold under a preset trading plan | 37,000 | $199.95 | $7m |
| 21 September 2026 | Kurian George CEO, Director | Sold under a preset trading plan | 13,000 | $200.01 | $3m |
| 21 September 2026 | Ahuja Deepak Director | Sold under a preset trading plan | 3,450 | $200.00 | $690,000 |
| 14 September 2026 | Ahuja Deepak Director | Sold under a preset trading plan | 3,526 | $194.04 | $684,185 |
| 14 September 2026 | Kurian George CEO, Director | Sold under a preset trading plan | 40,000 | $191.42 | $8m |
| 11 September 2026 | NEVENS THOMAS MICHAEL Director | Sold | 5,940 | $195.21 | $1m |
| 10 September 2026 | O'Callahan Elizabeth M EVP, Chief Admin. Officer | Sold under a preset trading plan | 1,000 | $184.74 | $184,740 |
| 17 August 2026 | CERNUDA CESAR President | Sold under a preset trading plan | 2,608 | $204.48 | $533,290 |
| 10 August 2026 | O'Callahan Elizabeth M EVP, Chief Admin. Officer | Sold under a preset trading plan | 1,000 | $193.82 | $193,820 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Jun 2026, plus the 10-Q filed 2 Sep 2026 and 2 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 1.7% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.